GE Real Estate Germany has increased the value of its portfolio in Dusseldorf to about EUR 370 mln following the acquisition of five mixed-use properties in the city. The financial details of the off-market transaction with a private investor were not disclosed. But in a statement, GE Real Estate said this was the second transaction it had concluded with the vendor following the acquisition of an office portfolio in 2006, 'underpinning the company's desire to continue to do repeat business with local investors and developers'. The 17,600 m[sup]2[/sup] portfolio comprises a mix of commercial and retail properties in central locations of Dusseldorf, which is one of Germany's five largest commercial office markets. All the assets were developed between 1990 and 1995.
GE Real Estate Germany has increased the value of its portfolio in Dusseldorf to about EUR 370 mln following the acquisition of five mixed-use properties in the city. The financial details of the off-market transaction with a private investor were not disclosed. But in a statement, GE Real Estate said this was the second transaction it had concluded with the vendor following the acquisition of an office portfolio in 2006, 'underpinning the company's desire to continue to do repeat business with local investors and developers'. The 17,600 m2 portfolio comprises a mix of commercial and retail properties in central locations of Dusseldorf, which is one of Germany's five largest commercial office markets. All the assets were developed between 1990 and 1995.
Rainer Thaler, managing director of GE Real Estate Germany, commented: 'This acquisition forms part of our strategy of increasing our presence across Germany's key office markets and builds on the EUR 420 mln fund acquisition we made earlier this year which significantly increased our exposure to Germany's key commercial cities and grows our assets under management to more than EUR 1.2 bn.'
